Packer leapfrogs Lowy on Rich list

Mining magnates Gina Rinehart and Andrew Forrest are among the top 10 on BRW’s rich list.
Photo: AFP

by
James Thomson | Andrew Heathcote

The top 10 members of BRW’s Rich 200 list have put the patchy economic conditions behind them to increase their wealth by an impressive $8.5 billion since the publication of the Rich 200 in late May, new analysis reveals.

The result, driven by better than expected conditions in the mining sector and strong performances by some of Australia’s best-known billionaires, has led to a shake-up of the top 10.

Gina Rinehart
retains the top spot, having increased her fortune by an ­estimated $1.5 billion since May to $23.5 billion, while
James Packer
replaces
Frank Lowy
as Australia’s second ­richest person.

Mr Packer’s fortune has increased by an estimated $1.7 billion to $7.7 billion, largely due to the performance of his gaming and leisure empire,
Crown
Resorts. The stock is up almost 30 per cent since the end of May, despite losing ground since NSW Premier Barry O’Farrell gave the green light to Mr Packer’s planned casino resort at ­Barangaroo in Sydney.

Mining magnate
Andrew Forrest
has had the biggest gain with a $1.8 billion increase to $5.5 billion. Mr Forrest has benefited from investors’ renewed confidence in his iron ore company,
Fortescue Metals Group
, which has alleviated some debt problems and is set to significantly ramp up production over the next few years.

Fortescue shares have risen by 60 per cent over the past six months. Mr Forrest moves from ninth place on the Rich 200 in May to seventh place.

One of the most surprising rises is by little-known Hui Wing Mau. The ­Chinese-based Australian citizen has increased his wealth by $1.2 billion, despite rarely being mentioned in the press. Mr Hui is a major shareholder in the property development company he founded, Shimao Property Holdings.

Its tightly-held shares have risen strongly on the Hong Kong Stock Exchange this year.